Min - Economic Development Corporation - 2011 - 03/16 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
REGULAR MEETING
WEDNESDAY, MARCH 16, 2011
Board
Staff Guests
Tim Wood
Robert Winningham Kevin Hammeke
Susan Bartlemay — Absent
Daniel Bowman Daniel Owens — Project Global
Carl Clemencich
Ryan Shook Neal Wieschhaus—Project Global
Gary Caplinger
Pete Smith Michael Lateur — Project Global
Scott Sutherland —Absent
Matt Burtch — Cabela's
Call to Order and Announce a Quorum Present
With a quorum of the Board present, the Regular Meeting of the Allen Economic
Development Corporation (AEDC) was called to order by President Tim Wood at
6:05 p.m. on Wednesday, March 16, 2011 at the AEDC Office.
1. Approval of Minutes of the February 16, 2011 Regular Meeting
On a motion by Carl Clemencich, seconded by Gary Caplinger, the Board unanimously
approved the Minutes of the February 16. 2011 Regular Meeting as presented.
2. Approval of the Amended and Restated Economic Development Agreement with
Vaultronics LLC
Dan Bowman noted that the combined taxable value of Vaultronic's improvements and
business personal property for Tax Year 2010 is $874,048, approximately $126,000 short of
the $1 million requirement stated in the company's Economic Development Agreement. In
evaluating their compliance with the agreement, company officials accidentally included the
value of the land in their calculations Typically, the taxable value of land is expressly
excluded in all AEDC agreements.
Company representatives have indicated that they anticipate that Vaultronics will meet the
$1 million threshold in future years, but have requested that the AEDC consider allowing the
company to receive its third and final grant payment despite the deficit in taxable value.
AEDC staff calculated that the company would have paid additional taxes in the amount of
$3,048 if they had met the $1 million requirement for 2010. Therefore, it is being requested
that the third and final grant payment be reduced by $3,048 in order to compensate for the
lower taxable value.
On a motion by Carl Clemencich, seconded by Gary Caplinger, the Board unanimously
approved the Amended and Restated Economic Development Agreement with Vaultronics
LLC as presented.
AFDC Meeting Minutes
March 16, 2011 - Page 2
3. Convene into Closed Executive Session
The Board convened into closed executive session at 6:08 p.m. to deliberate real property,
commercial and financial information and economic incentives for the following:
• Consider Incentives for the Recruitment of Project Global
• Consider Incentives for the Recruitment of Project Red
• Consider Incentives to Support Expansion of Project Lift
Reconvene into Open Session:
The Board reconvened into regular session at 740 p.m.
4. Actions Resulting from Executive Session
No action was taken.
5. Approval of AEDC Financial Reports
Dan Bowman presented the AEDC financial reports. It is anticipated that the AEDC will
make incentive grant payments to Atlas Copco, Photronres, Experian and Turrentine-Jackson-
Morrow in the new future. Bowman noted that the AEDC has pending grants for Mustang
Technology and Project Pavillion that must be formally approved before they can be paid.
Bowman also noted that sales tax revenues for the current month increased 13.5 -percent from
the previous year.
Kevin Hammeke noted that the Finance Department anticipates making the final grant
payments to the Chelsea Premium Outlets sometime in summer 2011.
On a motion by Gary Caplinger, seconded by Carl Clemencich, the Board unanimously
approved the AEDC Financial Reports as presented.
6. Discuss Administrative and Marketing Activities of the AEDC and Upcoming Local
Events
Robert Winningham updated the Board on the administrative and marketing activities of the
AEDC and upcoming local events. Winningham introduced Matt Burtch, General Manager
of Cabela's, to the Board. Cabela's has invited the Board to a lunch event on April 12 In and
the grand opening of Cabela's on April 14" The Board has been placed on the VIP list for
the Cabela's grand opening event. The grand opening event for the Cisco Datacenter will be
held on April I51h
Winningham noted that he recently traveled to Austin to loin other economic development
professionals in discussing upcoming legislation pertaining to 4A/4B corporations.
Winningham also noted that he traveled during the week of March 7" to the Optical Fiber
Communications (OFC) Conference in Los Angeles.
I
I
AEDC Meenng Minutes
Mardi 16, 2011 - Page 3
Winningham noted that the Dallas Business Journal's Heavy Hitters event will be held on
April 28'h at a site to be determined. Winningham also mentioned that The Village at Allen
won Best Retail Project as part of the Best Real Estate Deals Awards, which were presented
by the Dallas Business Journal.
7 AEDC Executive Director's Report Regarding Office, Industrial Data Center Retail
Projects, and Local Partnership
No additional projects were mentioned.
8. Determine Next Meeting Date
The next AEDC Board meeting was scheduled for Wednesday, April 20, 2011 at
6:00 p.m.
9 Adjourn
('6"y cf'P'J'j
The meeting was officially adjourned on a motion by .Ba4lo;=y, seconded by Carl
Clemencich, at 8:20 p.m.
These Minutes approved this 20'h day of April 2011.
V Tim Wood, President
Carl Clemencich, Secretary/Treasurer